HomeMy WebLinkAbout1996 11_Appropriate part of 3% tax to PW_1996.07.02WHEREAS, heretofore, the qualified electors of the City of Owasso, Oklahom
approved levying an excise tax of three percent Q %) upon the gross proceeds or gros«x%,< i "I
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derived from all sales to any person taxable under the sales tax law of the State of Oklahom,
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WHEREAS, to achieve such purpose, it is deemed necessary to provide for the
appropriation «f<2« proceeds to the Trustees of The Owasso Public Wo/ <± \ §t § < for such
purposes aforesaid:
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF OWASSO, OKLAHOMA THAT:
Section 1: Resolution No 87-07 of the City adopted by the City Council on
August 18, 1987, is hereby repealed and shall be of no further force or effect.
Section 3: There hereby is appropriated the proceeds to be derived from the :% sales
tax levied and collected by the City, in excess of that amount necessary for sinking fund
requirements on the Two Million Seven Hundred SeventW Five Thousand Dollar j91,7Th-,WWjL%JV*,
General Obligation Bonds of 1983, pursuant to Ordinance Number 326, now 7-207(B) Owasso
City Code, to the. Trustees of The Owasso Public Works Authority.
Section 5: The Second Supplemental Security Agreement dated as of July 1, 1996,
between The Owasso Public Works Authority and the City providing for the use and pledge of
such sales tax revenue to secure bonds or notes issued by The Owasso Public Works Authority
for such purposes is hereby approved and the Mayor is authorized and directed to execute and
deliver said Second Supplemental Security Agreement for and on behalf of the City.
mi'mmin 11manamenw, Imm